A big part of the working capital that helps Maine open its doors to families, invest in new projects and grow its workforce comes from long-term investments by life insurers. Our companies have invested $22 billion in Maine’s economy with agricultural loans, education bonds, residential and retail mortgages and more. We are here to strengthen communities and families across the Pine Tree State.
- $18 billion in stocks and bonds that help finance business development and create new jobs
- $3 billion in real estate, loans and other investments
- $476 million in mortgage loans on farms, residential, and commercial property
Investing in Retail
Retail is big in Maine. Nearly 30 percent of the jobs in the state are supported by the retail industry, says the National Retail Federation. And life insurers strongly support retail, providing $190 million in retail mortgage loans to businesses in the state.
Investing in Agriculture
The life insurance industry invests heavily in Aroostook County. Potatoes, hops, canola and grains are planted in large amounts annually there. Industry-provided agriculture mortgages overall in the state total $93 million.
Investing in Affordable Housing
Life insurers have purchased $112 million in bonds issued by the Maine Housing Authority, which provides affordable home ownership and rental housing opportunities for the people of Maine.
Investing in Education
Life insurers have purchased nearly $79 million in bonds for school construction and other education-related purposes, helping promote safer schools and enhanced technologies for students and teachers.
Investing in Office Space
With nearly $23 million in investments in office space in Portland, Lewiston, Biddeford, Auburn and other cities, life insurers are boosting business and commerce in Maine.
Investing in Residential
Life insurers have invested nearly $26 million in mortgages in Bangor, Augusta, South Portland and in other cities for single-family homes, helping individuals and families call The Pine Tree State “home.”